Formation of a Company
Mizoram Board · Class 11 · Business Studies
Flashcards for Formation of a Company — Mizoram Board Class 11 Business Studies. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is a promoter of a company?
Answer
A promoter is a person who undertakes to form a company with reference to a given project and takes the necessary steps to accomplish that purpose. According to Section 69, a promoter is someone who i…
What are the three main stages in the formation of a company?
Answer
The three main stages in the formation of a company are: (1) Promotion - conceiving business idea and initial planning, (2) Incorporation - legal registration with Registrar of Companies, and (3) Capi…
What are the three types of feasibility studies conducted by promoters?
Answer
The three types of feasibility studies are: (1) Technical feasibility - whether the project is technically possible to execute with available resources and technology, (2) Financial feasibility - whet…
What is the Memorandum of Association?
Answer
The Memorandum of Association is the most important document that defines the objectives and scope of the company. It contains five main clauses: Name clause, Registered office clause, Objects clause,…
What are Articles of Association?
Answer
Articles of Association are rules regarding the internal management of a company. They are subsidiary to the Memorandum of Association and define the relationship between members and the company. They…
How many persons must sign the Memorandum of Association for public and private companies?
Answer
For a public company, at least 7 persons must sign the Memorandum of Association. For a private company, at least 2 persons must sign the Memorandum of Association.
What is a Certificate of Incorporation?
Answer
The Certificate of Incorporation is issued by the Registrar of Companies after satisfactory completion of registration formalities. It is the 'birth certificate' of the company and serves as conclusiv…
What are preliminary contracts?
Answer
Preliminary contracts are contracts entered into by promoters with third parties on behalf of the company before its incorporation. These contracts are not legally binding on the company. The company …
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